9911796707
TMI Blog2023 (8) TMI 191X X X X Extracts X X X X X X X X Extracts X X X X ..... of 2021 is to the Impugned Order dated 09/04/2021 passed in CP(IB) No. 178/BB/2020, whereby the Application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'the Code') filed by the 'M/s Winled (HK) Cable and Wire Product Company Limited' / 'Operational Creditor' / 'the Appellant' herein was dismissed by the 'Adjudicating Authority' on the ground that the Application was filed solely with an intention to recover the outstanding amount. 2. The Learned Counsel for the Appellant / Operational Creditor submitted that they supplied high quality RCA Cables, DC Cables, HDMI Cables to the Respondent / Corporate Debtor to a tune of Rs. 35,78,256/- evidenced by invoices and the said outstanding amount remained ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l for the Respondent submitted that the Respondent was making regular payments to the Appellant on the invoices raised by it and an amount of $55,107.80 was already paid. It was only after noticing some shipping defective products that dispute aroused and it was agreed that the value of the rejections would be deducted from the outstanding payments. It is stated in the 'Statements of Objections' filed before this Tribunal that the Respondent as all along conveyed that it was willing to settle the actual dues to the Appellant and it even proposed a payment schedule but the Appellant had rejected the same as it wanted the entire payment to be released in a single transaction. It is submitted that the very fact that the Respondent had proposed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Mohamed, Sruthi, Mayank, Shrishail, Supriya, Basavaraj, Nithyashree, Sunil, Eshwaraiah
Hello Vijay Wang
Please see the mail from our quality, which is self explanatory on the issue we are facing with regard to the recent lot of AV cable.
We are currently facing a 15% rejection rate due to pin breakage, as the picture in the mail trail reflects.
Please share your response based on the feedback and check on the lots and confirm back.
Regards
T. Senthilkumar
Reply of the Corporate Debtor to the email
Wang vijay X X X X Extracts X X X X X X X X Extracts X X X X ..... e aforenoted letter addressed by the Corporate Debtor to the Appellant / Operational Creditor, it is clear that the accounts were confirmed showing an amount of US $ 50,200. The contention of the Learned Counsel for the Respondent that this amount is not shown as due and payable in their financials, pales into insignificance, taking into consideration that this letter has been signed by the Authorised Signatory of the Corporate Debtor and it is clearly stated that the said amounts have been 'examined by their Statutory Auditors' and to 'confirm' the said amount. Further, this Tribunal is of the considered view that having admitted that this amount is due and payable and having agreed to pay the said amount in two tranches, a sum of $20,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thority' has erred in observing that 'Corporate Insolvency Resolution Process' cannot be initiated against the solvent company in a pandemic situation and that it is a recovery proceeding. To reiterate, the debt was 'due and payable' since May 2018 and therefore Section 10A is not applicable to the facts of this case 11. This Tribunal is satisfied that there is a debt due and payable and that the 'Adjudicating Authority' has wrongly applied the Judgment of Hon'ble Apex Court in 'Gujarat Urga Vikas Nigam Ltd. Vs. Amit Gupta & Ors.' reported in [(2021) SCC Online SC 194] to the facts of this case. 12. For all the aforegoing reasons, this Company Appeal (AT) (CH) (Ins) No. 280/2021 is 'allowed' and the Order of the 'Adjudicating Authority' i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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